Forum Development Corp.

Forum Development Corp.

March 23, 2005 09:30 ET

Forum Development Corp.: Saskatchewan Uranium Project Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FORUM DEVELOPMENT CORP.

TSX VENTURE SYMBOL: FDC

MARCH 23, 2005 - 09:30 ET

Forum Development Corp.: Saskatchewan Uranium Project
Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Forum
Development Corp. (TSX VENTURE:FDC) is pleased to update activities on
its recently acquired uranium projects in the Athabasca Basin in
northern Saskatchewan. The Athabasca Basin is Canada's principal uranium
producing district, accounting for approximately one third of global
production. More detailed evaluation of past exploration data for the
Maurice Point and Key Lake Road Projects is currently underway by the
Company's consulting geologist and geophysicist. Airborne and ground
geophysical surveys, geological mapping and evaluation of known uranium
occurrences will be conducted over the coming months with a view to
outlining drill targets for a 2006 drill campaign.

Maurice Point Project

The Maurice Point project consists of eight staked mineral claims and an
exploration permit, totaling 47,090 hectares, located immediately
adjacent to Cameco Corporation's Maurice Bay project on the northwest
margin of the Athabasca Basin. The Maurice Bay uranium deposits, with
600 tonnes contained uranium at a grade of 0.5% U, includes structurally
controlled mineralization within altered basement rocks and at the
sub-Athabasca unconformity. The Forum claims and exploration permit
cover extensions of basement structures containing the Maurice Bay
mineralization and the favourable Athabasca unconformity. Limited past
exploration by Eldorado Nuclear (predecessor to Cameco) has identified
uranium mineralization in surface showings and at least one drill hole
with 3 meters grading 0.064% uranium at a depth of 370 meters.

Key Lake Road Project

The Key Lake Road project consists of two exploration permits, totaling
83,290 hectares, located 20 km southwest of Cameco's Key Lake Mine/Mill
Complex, the principal processing facility for the nearby high grade
McArthur River uranium mine, and site of the formerly productive Key
Lake deposit (75,600 tonnes uranium mined at an average grade of 2.45
percent U). The permits cover favourable basement rocks within the
Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone
on the eastern rim of the Basin along which the district's most
productive uranium mines occur.

Past exploration work in the Key Lake Road project area has been limited
to surface trenching and shallow "back pack" drilling of outcropping
uranium showings and geophysical anomalies. Past surveys have identified
a number of untested electromagnetic conductors suggestive of graphitic
zones in Wollaston basement rocks within which enriched uranium
mineralization frequently occurs. Deeper exploration, for simple-type
structurally controlled uranium deposits within basement rocks, has not
been undertaken in the permit area.

Rick Mazur, P. Geo. and President & CEO of the Company, is the qualified
person supervising the evaluation of Forum's uranium prospects. Forum
Development Corp. is a diversified energy company with a focus on the
acquisition, exploration and development of natural gas in coal, coal
and uranium projects. In addition to the Company's uranium program,
Forum is evaluating a natural gas in coal project in the Merritt
Coalfield in southern British Columbia and coal development
opportunities in British Columbia and Alberta.

ON BEHALF OF THE BOARD

Rick Mazur, President & CEO


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Forum Development Corp.
    Rick Mazur
    President & CEO
    (604) 685-6377
    (604) 689-3609 (FAX)
    info@forumdevelopmentcorp.com
    www.forumdevelopmentcorp.com
    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this press release.